CA Kartik Goyal’s Post

💼 Save Tax Like a Pro on a ₹15 Lakh Salary! 💸 By maximizing deductions and exemptions, you can reduce your taxable income below ₹5 lakh and pay zero tax! Use benefits like Standard Deduction, Section 80C investments, NPS contributions, and Home Loan Interest for significant savings. 💡 Bonus Tip: The Education Loan Interest deduction under Section 80E has no upper limit, making it a powerful tool to save while investing in your or your family’s future. Follow @bookcents for expert tax-saving tips! 🚀 #TaxPlanning #SaveSmart #FinancialSuccess

5 Tax-Saving Tips Everyone Should Know Tax planning is essential for maximizing your income and achieving financial goals. Here are five simple tips to save on taxes: 1. Utilize Deductions: Claim deductions under Sections 80C, 80D, and others. 2. Invest Wisely: Opt for tax-saving instruments like ELSS, PPF, or NPS. 3. Home Loan Benefits: Claim deductions on principal and interest repayment. 4. HRA Optimization: Use House Rent Allowance effectively. 5. Tax-Free Income: Take advantage of exemptions like LTA and gratuity. Smart planning can reduce your tax burden and boost savings. Start early for maximum benefits! #Taxation #TaxPlanning #PersonalFinance #Savings #FinancialFreedom #WealthManagement #TaxTips #Finance #InvestSmart #TaxSeason

Don’t wait until the last minute.⏳ As we approach the end of the tax year with 88 days remaining now is the time I’m building strategies with my clients making sure they are not wasting any unused allowances. Bonus season is due for many of you and also the last opportunity in the year to potentially reduce your tax bill💰. Getting ahead of the game is key 🔑 I review everything from my clients Will status, unused allowances and looking at what funds need to be earmarked for clients needs. Set the year off right and take the time to look at what could be done to make sure those plans are achieved. If your plans, time frame, finances have changed over the last 12 months then it’s absolutely worth speaking to an advisor. Combine that with changes in tax, laws and legislation and it’s easy to understand just how important a financial review is. If you don’t use it your going to loose it! #finance #financialyear #money #investing #financegoals #financialplanning #financialadvisor #newyear2024

💼💰 Looking to take cash from your corporation while minimizing tax impact? Check out these tax-wise strategies: 1️⃣ Salary: Receive reasonable compensation for services rendered, deductible for the business but taxable to you. 2️⃣ Fringe benefits: Get non-taxable perks like life insurance or medical benefits, deductible for the corporation. 3️⃣ Capital repayments: Repay debt without dividend treatment, deduct interest paid by the corporation. 4️⃣ Loans: Borrow from the corporation with proper documentation and terms, tax-free withdrawal. 5️⃣ Property sales: Sell property to the corporation under fair terms, avoiding tax pitfalls. 💡 Let's discuss these options further to maximize your corporation's benefits while minimizing taxes. Contact us today! 📞 #TaxStrategies #BusinessFinance #MinimizeTaxes #BusinessAdvisory

Less is (sometimes) more. These clients were paying $18k annually in #tax more than they needed to - just because they were doing the RIGHT thing in the WRONG way around. It’s common in a couple for one person to be more of a driver of money and investing. This person is often the one that will set up savings and investment accounts, and action the investing for the couple as a unit. But if that person is on a higher tax rate than their partner, you end up paying more tax than you have to. This extra tax then means less money to save and invest, and slower progress. But it doesn’t have to be this way. We helped this couple make some small changes and by saving and investing EXACTLY the same amount they were almost $20k better off every year - this money they then used to accelerate their #investment growth and asset building. There were two things they were doing wrong 1. Investing in the wrong name 2. Not debt recycling These two simple changes cut their #taxbill by $18k, and they effectively didn’t have to change anything - how much they were saving OR how much they were #investing. This is the power of using the rules to your advantage. If you want to optimise your #financialplan, what you’re doing isn’t nearly as important as how you do it.

💼💰 Looking to take cash from your corporation while minimizing tax impact? Check out these tax-wise strategies: 1️⃣ Salary: Receive reasonable compensation for services rendered, deductible for the business but taxable to you. 2️⃣ Fringe benefits: Get non-taxable perks like life insurance or medical benefits, deductible for the corporation. 3️⃣ Capital repayments: Repay debt without dividend treatment, deduct interest paid by the corporation. 4️⃣ Loans: Borrow from the corporation with proper documentation and terms, tax-free withdrawal. 5️⃣ Property sales: Sell property to the corporation under fair terms, avoiding tax pitfalls. 💡 Let's discuss these options further to maximize your corporation's benefits while minimizing taxes. Contact us today! 📞 #TaxStrategies #BusinessFinance #MinimizeTaxes #BusinessAdvisory

The instant asset write-off threshold increased from $1,000 to $20,000 for 2023-24. Here’s what it means: 📌 The increase to the instant asset write-off threshold provides a major cashflow advantage by enabling small businesses to claim an immediate tax deduction for certain assets in the year of purchase, instead of spreading the deduction over several years. 💡 Remember - the deduction is not a refund. it will only reduce the taxable income of the business entity, or in some cases, it will create or increase a tax loss that needs to be carried forward to future years. In the 2024-25 Federal Budget, the Government announced an extension to the increased instant asset write-off threshold to 30 June 2025. A Bill is currently before Parliament to enact this change. #instantassetwriteoff #taxdeduction #smallbusiness #capitalgains #taxlosses #hemisphereaccounting

The rate you get on your high yield savings account isn't the actual rate you get. You need to account for taxes. The interest income from cash, including high yield savings accounts, is taxed as ordinary income. So if you're in the 22% marginal tax bracket then you'll pay 22% tax on that interest income. So if you have a high yield savings account paying 5% APY and you make $5k in interest on a $100,000 balance, you have to pay tax of $1,100. You net interest income is $3,900 for an actual, after-tax APY of 3.9%. Don't get too caught up in cash and deposit interest rates. Your cash is for emergencies and unexpected large expenses. It's not really a good investment.

A tax free savings account is a great way to save money without having to worry about paying taxes on the interest earned. You can contribute to your account at your own pace, without any set schedule or minimum contribution amount. The annual contribution limit, if unused, gets rolled over into the next year, so it's flexible throughout your life. So go ahead and start saving for your future without any added stress or pressure!

Looking to optimize your cash flow from your corporation while minimizing tax impact? Check out these tax-wise strategies: 1️⃣ **Salary**: Receive reasonable compensation for services rendered, which is deductible for the business but taxable to you. Strike a balance to ensure fair compensation and tax efficiency. 2️⃣ **Fringe Benefits**: Enjoy non-taxable perks like life insurance or medical benefits, which are deductible for the corporation. Take advantage of these benefits to enhance employee satisfaction and retention. 3️⃣ **Capital Repayments**: Repay debt without dividend treatment, allowing you to deduct interest paid by the corporation. Utilize this strategy to manage debt effectively while maximizing tax savings. 4️⃣ **Loans**: Borrow from the corporation with proper documentation and terms, enabling tax-free withdrawal. Ensure compliance with regulations and establish clear repayment terms to avoid tax implications. 5️⃣ **Property Sales**: Sell the property to the corporation under fair terms, avoiding tax pitfalls and maximizing benefits for both parties. Explore opportunities to leverage assets for mutual gain while minimizing tax liabilities. 👉 follow us for more updates Pro2Learn ! 💡 #TaxStrategies #BusinessFinance #MinimizeTaxes #BusinessAdvisory